HUGE win for Trump, GOP on tax bill, Dems and Dem friendly media freak out, A rundown of the bill from different outlets and perspectives

Is the tax bill a good thing for the USA? Probably, on the whole it is likely a step in the right direction. Are there things in it that we will have problems with? Very likely. Does it make progress with regard to unraveling some of the burden imposed on Americans and business during the Obama years? Yes it appears so. Will Dems see anything in it that they like? It doesn’t look like it. Are Republicans making Democrats swallow a nasty pill in a way not unlike what Dems did to Republicans with Obamacare? Almost. Will the GOP tax bill create the kind of uproar the passage of Obamacare did? To some degree, but not on par with the Obamacare unhappiness. Will the GOP pay at the polls? Maybe. Could the GOP benefit at the polls? Maybe.

What was included? You can read my summary of the proposal before the additional mark-ups here. After the vote, it appears that most of those original provisions stayed largely intact. Here are some highlights:

Under the Senate version, the corporate tax rate would be permanently lowered from 35% to 20%.

The Senate version would also lower tax rates for individuals but those lower rates will not be permanent (they will expire after 2025).

The Senate bill retains the same number of individual tax brackets as we currently have (seven) though the brackets look different (the House version of the bill proposed just four). You can see how those rates would compare to what we have now here.

The individual mandate under Obamacare would be repealed under the Senate version (the House version did not include a repeal of the mandate).

The Senate bill increases the child tax credit to $2,000 (the House version would increase the credit to $1,600). Both versions would be subject to income phaseouts.

State and local property tax deductions would remain under the Senate and House proposals but would be capped at $10,000. State and local income tax deductions would be eliminated.

A last minute change introduced by Sen. Ted Cruz (R-TX) passed after a tie-breaking vote from Vice President Pence, expanding education savings accounts (ESAs) to include expenses related to religious schools and home-schooled students (the House version has a similar provision).

Democrats have blasted Republicans for the bill’s impact on the deficit, saying the Joint Committee on Taxation’s analysis contradicts claims by the GOP and President Trump’s White House that the bill will pay for itself.

“This score that I’ve just gotten ends the fantasy about magical growth and claims that tax cuts pay for themselves,” Sen. Ron Wyden

Funny that Democrats are so concerned about paying for things now. How about we start cutting government along with taxes? Then we’ve got no problem on that front. That’s where things have to start but Dems (and many in the GOP) don’t have the guts to do that.

The US Senate, a seemingly insurmountable roadblock for the Republican agenda for much of this year, has at last given its assent to a major piece of legislation.

Perhaps unsurprisingly it was sweeping tax cuts – always beloved by conservatives – that finally brought the party together and gave President Donald Trump the opportunity to claim a landmark legislative achievement.

It wasn’t always pretty. Senate negotiators were handwriting amendments to the massive bill practically up until the final votes were taken. Deals within deals were cut to satisfy recalcitrant legislators. Democrats howled at the permanent cuts provided to corporations, while middle-class taxpayer benefits had sunset clauses.

In the end, however, a combination of hope and fear were enough to drag a slim majority into the yes column. The hope is that a booming economy will give Republicans a chance to run on their tax policy when they stand before voters next November. The fear was that yet another failure would have led to a revolt among the party’s big donors and traditional business constituencies.

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About Nick Sorrentino

Nick Sorrentino is the co-founder and editor of AC2NEWS.com and AgainstCronyCapitalism.org. A political and communications consultant whose clients have spanned the political spectrum, his work has been featured at Chief Executive Magazine, Reason.com, NPR.com, Townhall, The Daily Caller, and many other publications. He has spoken at CPAC, The Commit Forum, The Atlas Summit, The US Chamber of Commerce, The National Press Club, and at other venues. Sorrentino is the Founder of Exelorix Consultants and a senior fellow at Future 500. He is also the author of the book Politicos, Predators, Payoffs, and Vegan Pizza. A graduate of Mary Washington College he lives just outside of Washington DC where he can keep an eye on Leviathan.